NY State Low-Income Housing Tax Credit Program (SLIHC)

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Status: Available

Summary

State Low-Income Housing Tax Credit Program (SLIHC) is available through both the Multifamily Finance 9% LIHTC and Multifamily Finance 4% programs. It provides a dollar-for-dollar state tax reduction for investors in qualified low-income housing. Eligible uses are new construction of or the adaptive reuse of non-residential property to, affordable housing, or substantial rehabilitation or moderate rehabilitation of site-specific multifamily rental housing. Eligible costs are for site acquisition, hard costs, and related soft costs. 

Tenant Eligibility Criteria

If coupled with LIHTC, at least 40% of units must be set-aside for households with incomes up to 90% AMI, or otherwise utilize one of the minimum set-asides cited in the 9% LIHTC term sheets. If utilizing SLIHC as the sole source of HCR financing, at least 20% of units must be set-aside for households with incomes up to 50% AMI.

Eligible Applicants

Nonprofit or for-profit developers are eligible to apply.

Amount

Per Project Maximum Award:  
Up to $750,000 for projects with at least 10% of units targeted to households with an income limit above 60% AMI; otherwise up to $500,000.

Term

The property must remain in service for 30 years, or longer if the LIHTC period is extended.

Network Notes

• Per the Fall 2023 HCR Multifamily Finance 9% LIHTC RFP, the anticipated funding for this program is $8 million.
• Typically, developers receive $0.65 to $0.70 for every $1 of tax credits that they sell. Tax credits have a 10-year lifecycle. For example, a $500,000 SLIHC award thus equals $2.25 million in state income tax savings over ten years. It is increasingly used as gap filler, and allows mixed development projects that serve a higher income band.
• SLIHC may not be used for senior units above 60% AMI. 

Last updated: 10/03/2023

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